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Loan delinquency rates near historic lows

More people are paying their mortgages in a more timely fashion for the first time in nearly two decades.

Driven by the booming economy and full employment, the overall rate of loan delinquency stands “near or at historic lows,” said Frank Martell, president and CEO of property information service CoreLogic.

The rate of falling behind on loan payments nationally in October, the latest month for available statistics, slipped to 4.1 percent, according to CoreLogic. That’s down a full percentage point from the same month a year earlier.

In the Charleston region, the rate dropped as well to 4.3 percent, down 0.5 percent from a year earlier.

In South Carolina, the rate for those 30 days or more behind in payments stands at 5 percent, down from 5.4 percent in October 2017.

Foreclosures are down as well, with the region, state and nation all reported rates below 1 percent, according to the report.

No recession on horizon, but headwinds abound

Construction cranes (copy) (copy)

Scenes like this have been common in recent years in Charleston as the construction boom and wave of new businesses washes over the region. File/Staff

The booming Charleston region is riding an economic wave of prosperity, but rising interest rates, the tariff debate and cooling home sales could temper the rate of growth.

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By the numbers

600: The number of new residences a year allowed under Mount Pleasant's new controversial limit on housing permits.

3,005: The number of new parking spaces coming to Charleston International Airport by late 2020 in a new five-tier, $87 million parking deck that will soon see construction begin.

8,500: Square footage of new location of East Bay True Value Hardware store on Charleston's upper peninsula when it moves in the spring.

This week in real estate

+More hotel rooms: The former Morris Sokol Furniture store in downtown Charleston is slated to house a 50-room boutique hotel along with 20 condominium units, retailers and parking.

+What can $266,000 buy?: That's the median price of homes sold in the Charleston area during the first 11 months of 2018 and here are a few examples of what that will buy.

+Long-planned developments: Projects in the works for years around Charleston face new scrutiny under new drainage requirements.

We're starting a weekly newsletter about the business stories that are shaping Charleston and South Carolina. Get ahead with us - it's free.

New peninsula apartments

55 Romney apartment development rendering

A new 260-unit, eight-story apartment development at 55 Romney St. on Charleston's upper peninsula is expected to break ground in a couple of months. Provided rendering/Middle Street Partners

A new eight-story apartment project with 260 units is coming to Charleston's upper peninsula at 55 Romney St. Developed by Middle Street Partners, it will be called Atlantic 55.

Upcoming real estate events

  • Build, Remodel and Landscape Expo: It's going on this weekend at the Exchange Park Fairgrounds in Ladson. Admission is $5.
  • Finance seminar: Charleston Trident Association of Realtors offers a class on the basics of real estate financing, including trends in mortgage lending and types of loan products, 9 a.m.-1 p.m., Jan. 24.

Charleston-area transactions

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Reach Warren L. Wise at 843-937-5524. Follow him on Twitter @warrenlancewise.